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HSBC plans annual income opportunity CDs due 2017 tied to 10 stocks
By Marisa Wong
Madison, Wis., Sept. 4 - HSBC Bank USA, NA plans to price annual income opportunity certificates of deposit due Sept. 28, 2017 linked to a basket of stocks, according to a pricing sheet.
The basket includes the common stocks of Barrick Gold Corp., Bristol-Myers Squibb Co., Conagra Foods Inc., Firstenergy Corp., Halliburton Co., Intel Corp., PNC Financial Services Group, Tiffany & Co., Unitedhealth Group Inc. and Verizon Communications Inc.
Interest is payable annually and will equal the average of the performances of the basket stocks, subject to a floor of 0%.
If a basket stock's return is zero or positive, its performance will equal the auto cap rate, which is expected to be at least 5% and will be set at pricing. If a basket stock's return is negative, its performance will be the greater of the stock return and negative 25%.
The payout at maturity will be par.
The CDs (Cusip: 40431G2H1) are expected to price on Sept. 25 and settle on Sept. 28.
HSBC Securities (USA) Inc. will be the agent.
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